Getting started with POS data is one of the most important steps a brand can make to accelerate their growth.
It’s hard to imagine how your team will adapt to learning new processes for data-driven decision making, but the return on investment outweighs the initial effort to establish the groundwork.
The only way to understand these nuances is to have visibility of data for your complete market view - defined as channels that you sell in plus channels that you want to expand into.
Having access to POS data is critical for every brand if they want to grow and maintain distribution while increasing velocity.
Not only does POS data give context to how you are performing across your retail footprint, but also how your competitors are performing in comparison.
When leveraged correctly, POS data can impact many different areas of your business.
Successful brands know how to maximize POS data value in everything, from becoming more convincing in buyer meetings that increase distribution to identifying emerging trends and capitalizing on them before the rest of the market catches up.
By implementing POS data for analytics and insights across your organization as early as possible, you will create a framework for smarter decision making and faster growth.
Do you analyze your sales performance in the context of the attributes that define your products (i.e. plant-based, allergen-free, sustainability, etc.)?
SPINS Product Intelligence enriches POS data with a lens to understand the right benchmarks of performance in your channel and across key accounts.
This view is invaluable because it reveals who your true competitors are based on the product attributes that consumers use to make purchase decisions.
